VeChain (VET), a popular blockchain platform aiming to revolutionize the global supply chain, and connect blockchain technology with the real world through its distributed ledger system, is currently undergoing a critical retest of its macro range, according to crypto analyst EGRAG CRYPTO (@egragcrypto) on X.
EGRAG CRYPTO highlights a potential breakout for VET, suggesting the altcoin could go on a “Galactic Thrust” after a retest of an important level. VET is trading at $0.03925, and he believes VET is headed for a retest of its macro range between $0.03451 and $0.03449.
#VET Galactic Thrust: The White Retest
Can you see what I see? #VET is currently undergoing a crucial retest of its macro range. The next impulse could potentially propel it to galactic heights! 🌌#VET will unlock ur financial chains. pic.twitter.com/VCqlhQq8qu
— EGRAG CRYPTO (@egragcrypto) April 27, 2024
Read Also: Citing VeChain Historical Pattern, Analyst Predicts 1680% VET Price Rally. Here’s when
Understanding the Macro Range Retest
A macro range refers to a price channel within which an asset has been trading for an extended period. In technical analysis, retests of these ranges are often viewed as significant events, as they can indicate potential breakouts or breakdowns depending on whether the price surpasses resistance or falls below support.
In the context of EGRAG CRYPTO’s analysis, VET appears to be attempting to revisit the upper portion of its macro range. If the retest is successful and VET surpasses this resistance level, it could signal a bullish trend and potentially lead to further price increases. Conversely, if VET fails to overcome this hurdle and falls back within the range, it could suggest a continuation of the previous price trend.
Potential Price Targets
A retest of this range will send VET surging to $0.2828, surpassing its all-time high of $0.2782 from April 2021. This remarkable surge represents a 620.5% rally for the digital asset. However, EGRAG CRYPTO believes a price correction will follow, sending VeChain down to $0.1472.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Projected Timeline For VeChain (VET) To Surpass $10
This is not the end of the journey. An analyst recently predicted that VeChain will soon climb to $0.6, but EGRAG CRYPTO has loftier targets for the digital asset. He believes the second rally will send VeChain to the Fib. 1.618 level of $1.8635, representing an astonishing 4,647.7% climb.
While EGRAG CRYPTO’s analysis presents a potential bullish scenario for VET, investors should consider other factors that can influence the price of the cryptocurrency, like adverse market conditions and unfavorable regulation.
However, a successful retest of the macro range is a strong indicator of a bullish rally. A VeChain insider revealed in early April that a massive price rally is coming in June, and this could be the jump-off point for EGRAG CRYPTO’s predicted surge.
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